U.S. Markets close in 6 hrs 22 mins

SL Green Allots Additional Space to The Carlyle Group at NYC

Zacks Equity Research
ETFs having a larger allocation to Facebook are poised to surge post solid results.

Recently, SL Green Realty Corp. SLG extended its 15-year lease with The Carlyle Group CG at its New York City property — One Vanderbilt. Per the extension, the global investment firm will now occupy an additional 32,592-square-foot space on the entire 35th floor of the office tower.

With this lease’s expansion, The Carlyle Group will now own 127,744 square feet of space across floors 35 through 38 on the 1,401-foot East Midtown property. This trophy tower, which has reached the 73rd floor since its ground breaking in 2016, is slated for an opening in 2020.

SL Green is likely to witness decent demand for space at this property for its superior positioning and amenities. In fact, One Vanderbilt is anticipated to achieve both LEED Gold under version 4.0 and WELL certifications. It will cater several amenities to its tenants, including a 30,000-square-foot tenant-only amenity floor, with large format meeting spaces, a club-style lounge and an outdoor terrace.

This apart, the property also enjoys proximity to the Grand Central Terminal, giving it easy access to the nearest transit network. SL Green plans to invest $220 million in private funds in a bid to augment this transit system.

Apart from The Carlyle Group, a number of reputed firms from the financial, banking and legal industries have entered into lease deals for occupying space in this property. Some of its tenants include TD Securities, a leading banking and investment group, MFA Financial MFA, a publicly-traded real estate investment trust, as well as law firm Greenberg Traurig, and German financial firms DZ and DVB Banks.

Notably, SL Green possesses premium office properties and a varied tenant base, along with a solid balance sheet. Further, the company is divesting its non-core assets, and using the proceeds to fund share buybacks and development projects. However, intense competition from other market players limits the company’s pricing power.

SL Green currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Stock to Consider

Lamar Advertising Company LAMR sports a Zacks Rank #1 (Strong Buy), at present. Its FFO per share estimates for 2019 have been revised slightly north over the past seven days.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Lamar Advertising Company (LAMR) : Free Stock Analysis Report
 
The Carlyle Group L.P. (CG) : Free Stock Analysis Report
 
MFA Financial, Inc. (MFA) : Free Stock Analysis Report
 
SL Green Realty Corporation (SLG) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research